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Are lower crude oil prices here to stay?

The slump in oil prices over the last six months has vindicated the bearish view we have held for several years. Our central forecast is that the price of Brent will recover to $60 per barrel by the end of this year, from around $49 today, as supply and demand both start to respond to the previous falls. But we do not expect prices to return to $100 in the foreseeable future.


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